Ian Wyatt promotes Oppenheimer Project through a webinar without an accessible transcript. While his lengthy sales pitch is frustrating, I aim to provide key insights. He markets his Seven-Figure Investment Portfolio for $997 per year, offering a refund Assurance if he fails to deliver 100% gains. This portfolio includes 40 positions, forms the basis for his five recommended stocks, which he claims have strong potential, likely invests in himself.
His pitch centers on a revival of commercial Nuclear Energy, especially in the U.S., driven by rising rising power consumption driven by AI and electrification trends, increasing focus on small modular reactor as safer and more cost-effective options, and political momentum backed by climate concerns and government incentives.
Wyatt’s insights aren’t particularly new, as the revival of nuclear energy has been a recurring theme in investment pitches. Despite teasing 5 “secret” stocks, he actually presents six. The first, a “freebie,” is Sprott Uranium Fund, the biggest closed-end investment fund holding uranium. He sees it as a key investment move for 2024, expecting uranium prices to rise.
Unlike other commodities, uranium is mainly sold through extended agreements. Cameco, North America’s top uranium producer, reports rising sustained pricing, while the volatile spot price peaked at 100 dollars in January before falling below $80 by August. Both prices are now nearly equal, marking a recovery after a post-Fukushima slump. However, excitement around uranium has cooled since end of 2023 as the “AI-driven nuclear” trend narrative gained attention.
The U.U.TO has been one of the easiest ways to benefit from the rise in uranium spot prices, and this trend is likely to continue. Below is a chart of SRUUF alongside another source for uranium price trends, which remains closely aligned with Cameco’s figures.
This positive momentum is likely to persist. Sprott reports that the trust is currently trading 12% below the worth from its uranium holdings assets. Although fixed-capital funds frequently trade below market value, they may occasionally move at a premium during periods of strong commodity market activity. Given the recent decline in spot prices, it’s not surprising that this trust has underperformed uranium throughout the last year. However, its performance remains relatively in line with the commodity, and with limited publicly traded options for direct investment in uranium, it remains a solid investment for those anticipating higher uranium prices during the nuclear resurgence.
The first is what he refers to as “the top uranium stock in America”, which he believes could surge by 313%. This company is set to restart uranium production in Wyoming this August, with an expected output of 2.50 million GBP, while also holding capacity for an additional 4.50 million GBP in Texas. Wyatt claims these operations could generate $0.585 billion in revenue from fully permitted projects.
He highlights that Wyoming site is located only 250 miles away from Bill Gates’ TerraPower SMR project in Kemmerer. The company holds 300 million dollars in liquid assets, a market capital of around $3 billion, uranium assets worth roughly $100 million. It is also poised to benefit from government incentives aimed at expanding domestic uranium production, including a Energy Department order for 300 million pounds at 20% premium—likely influenced by the company’s leadership, which includes a former Energy Department head.
Wyatt suggests the share is available for under $10 and has the potential for a 313% gain. The company in question is Uranium Energy Co.
Over the past decade, UEC has mainly focused on acquiring older uranium fields without much production activity. Recently, however, it has ramped up operations in Texas, Wyoming and strengthened its position through the acquisition of Uranium One. Unlike traditional mining, UEC primarily uses in-situ recovery (ISR), a method similar to oil extraction, where fluids are injected into uranium-rich sandstone to dissolve the uranium, which is then pumped to the top for refining.
The share has performed well over the last five years, peaking during last year’s uranium boom before pulling back slightly. Currently, it has a market capital of around $2 billion and has generally tracked uranium spot prices.
UEC frequently appears in uranium investment pitches, has been endorsed by figures like Kent Moors and Marin Katusa. However, its aggressive promotional tactics raise concerns. My past dealings with UEC even led to involvement in a class-action form ten years ago, which fuels my skepticism. While the company has strategically acquired U.S. uranium assets, could benefit from rising prices, I personally won’t invest— you can decide for yourself.
It looks like Oklo (OKLO) is Wyatt’s second pick, tying into the AI-energy narrative championed by Sam Altman. While the company has an ambitious vision for its fast-fission liquid sodium reactors, the biggest question remains: Can they meet their aggressive 2027 deployment timeline?
Their licensing hurdle is particularly concerning. Since their initial application was rejected in 2022, they have yet to reapply, meaning they’re relying heavily on a streamlined approval process. Given the NRC’s cautious approach, it’s hard to see how they’ll fast-track approval and complete construction within such a tight timeframe. Even TerraPower, which is further along in the regulatory process and has begun site preparations, is only estimating projects by 2030.
That said, Oklo’s technology could be a game-changer if they navigate these challenges successfully. Their strategy of using recycled nuclear fuel and their partnerships with the U.S. Air Force and energy firms are positives, but execution risks remain high. If you’re considering this as an investment, the key will be watching their progress on licensing and any regulatory shifts that could accelerate approvals.
Are you thinking of diving deeper into Oklo, or shall we move on to another stock?
Centrus Energy (LEU) seems like an interesting play in the uranium supply chain, particularly given the restriction on Russian uranium imports. Wyatt’s thesis hinges on Centrus holding a strategic advantage in uranium enrichment, positioning it as a key player in fueling next-gen reactors like those from TerraPower and Oklo.
However, Centrus’ history complicates things. They’ve historically sourced a significant portion of their enriched uranium from Russia, which means the import ban might not be an immediate tailwind. Instead, they’ll need to ramp up their domestic enrichment capacity to capitalize on this opportunity fully. That could take time, and competition from other enrichment projects—like those backed by government funding—could emerge.
That said, securing long-term fuel contracts with SMR developers and traditional utilities could solidify Centrus’ market position. If their enrichment monopoly plays out as Wyatt suggests, it could indeed drive strong upside potential. But like many uranium investments, the key will be execution—ensuring they can scale up their own enrichment without excessive costs or delays.
LEU has obtained a waiver allowing uranium imports from Russia until 2025, but potential export restrictions from Russia remain a risk, as Putin has hinted at imposing limits. While this waiver slightly reduces uncertainty, the stock price has remained stable since June, with no major developments.
LEU receives little analyst coverage, but projections estimate evised earnings of approximately $2.80 annually. At a $40 share price, this results in a price-to-earnings ratio of 14X, reflecting limited short-term expansion. However, expansion in HALEU refining and increased demand from future reactors could drive long-term upside.
The fourth company, a leader in the small modular reactor (SMR) sector, pioneered to have its SMR design approved by U.S. regulators. Wyatt notes that no competitors have applied yet, and TerraPower’s submission is unrelated to reactor design. With over 600 patents, $283 million in government funding, additional tax incentives could further support growth.
Wyatt highlights a server farm client interested in small modular reactor in Ohio, Pennsylvania. Despite $1,800 million invested in projects, the company’s market cap is only $500 million, with shares trading at $5. Wyatt predicts an 867% stock surge when its first project goes live.
The company has faced volatility, especially after a canceled project late 2023. However, renewed discussions on future projects fueled investor enthusiasm early this year.
NuScale (SMR) pioneered nuclear SPAC deal and the sole dedicated SMR stock prior to Oklo entered the market. It secured regulatory clearance for its light water SMR, giving it an early lead, though changes in the approval process introduce uncertainty. Construction permits, NRC approvals, and local licenses are still required. Government incentives could accelerate deployment, especially if a project is built on a retired coal plant site.
NuScale pre-ordered reactor components, expecting progress on its initial project, but site selection and funding remain unresolved. ENTRA1 Energy, Standard Power revealed plans in 2023 to use NuScale’s SMRs for data center power in Pennsylvania and Ohio, targeting 2029 for completion. However, no updates have surfaced in 2024.
NuScale has one active project: Fluor is leading the preliminary engineering and planning for an SMR site in Doicesti, Romania, which will host six reactors. While Fluor is NuScale’s largest shareholder and primary revenue source, the project’s timeline remains uncertain. Given Fluor’s broader engineering portfolio and financial stability, I feel more comfortable holding Fluor shares over NuScale. The next 5 years will be critical as SMR projects advance and industry leaders emerge.
Now, onto the fifth stock—a uranium miner.
This company has identified deposits located in northern Saskatchewan, close to Cameco’s top mines, along with various smaller projects. Holding 1.1 million acres, it boasts more than 100 million GBP of confirmed uranium reserves, with a potential total of 250 million pounds. Despite an estimated deposit value exceeding $20 billion, its market cap is under $2 billion, with shares around $2.
Wyatt notes the company owns a stake in a temporarily closed mine set to reopen next year, potentially generating revenue. Financially, it is debt-free, holds $0.1 billion in cash, and maintains a uranium inventory worth over $200 million.
This miner is likely Denison Mines. Originally a junior miner during the 1990s, Denison thrived during the early 2000s uranium boom and survived downturns despite depleted mines and low exploration interest. Unlike many peers, it avoided bankruptcy and remained independent. While its market capital has rebounded to 2007 levels, its share price is much lower due to stock dilution over the years.
Optimism surrounds the Mclean Lake facility restart in 2025, where Denison holds a 22.5% stake alongside Orano, a French government-backed nuclear firm. Additionally, Denison is advancing the Wheeler River project, prioritizing the Phoenix ISR deposit, valued at $1.50 billion. If construction begins soon, production could start by 2027-2028. With nearly one million acres dedicated to exploration land and a uranium stockpile supporting project development, Denison appears well-positioned for the sector’s revival.
Wyatt’s five picks present a compelling nuclear energy play, blending pure-play fuel suppliers, SMR developers, and junior uranium miners. While nothing groundbreaking, this selection aligns with broader industry expectations, emphasizing companies positioned to benefit from nuclear expansion and rising uranium prices.
Denison’s long-term potential is particularly intriguing, as it balances exploration upside with a major ISR initiative that has the potential to align with next-generation reactors during the 2030s. While profitability isn’t immediate, its resilience and resource base make it a strong bet if uranium prices remain high.
Would I choose these stocks? The diversification makes sense, but I’d consider balancing with established utilities like Constellation, Vistra, and Duke Energy for added stability. Engineering firms such as Fluor, Honeywell, and BWX Technologies also stand to gain from new reactor construction. Among nuclear-focused conglomerates, Rolls-Royce, Mitsubishi Heavy Industries, and GE Vernova provide alternative exposure to SMR development without the volatility of smaller firms like OKLO and SMR.
For uranium, while junior companies such as Denison and NexGen (NXE.TO), and Energy Fuels offer upside, Cameco (CCJ) remains the safest large-scale producer. The Sprott Uranium Fund is another straightforward way to gain exposure to uranium prices without company-specific risk.
For a broader nuclear play, ETFs like VanEck’s NLR, URA, and Sprott Uranium Miners (URNM) offer diversified exposure, while newer options like NUKZ cater to those betting on nuclear’s resurgence.
It all comes down to risk tolerance and strategy—are you aiming for high-risk, high-reward uranium plays, or a balanced mix of utilities, engineering firms, and miners?
